India's Most Valuable Companies 2025 edition · Source: Hurun India
- Valuation
- ₹63,130 Cr
2024 #104 2023 #138 2022 #158
The Phoenix Mills Limited - business services in Mumbai, Maharashtra, India. FY 2026 financials & compliance.
Active Listed - NSE: PHOENIXLTD · BSE: 503100 Public Limited Company business services India's Most Valuable Nifty 500
Market Cap
₹68,140 Cr
PHOENIXLTD · NSE
Share Price
₹1,913.80
+0.46% today
Revenue
₹4,423 Cr
FY 2025-26 · +16.0% YoY
EBITDA
₹2,608 Cr
Margin 59.0%
Net Profit
₹1,162 Cr
FY 2025-26 · +32.0% YoY
P/E (TTM)
51.4x
P/B 6.1x
ROE
14.5%
ROCE 14.4%
Debt / Equity
0.47
Interest cover 17.2x
About The Phoenix Mills Limited
Data last updated:
The Phoenix Mills Limited is a public limited company based in Mumbai, Maharashtra, India. It operates in the mall and retail management segment of the business services sector. It was incorporated on 27 January 1905 and has been in existence for over 121 years.
The Phoenix Mills is part of the Nifty 500 and BSE 500 indices. Its director Atul Ruia is #97 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN L17100MH1905PLC000200. Its GSTIN is 27AAACP3325J1ZI (Maharashtra). It is a listed company as per MCA records. Its shares are listed on BSE: 503100 and NSE: PHOENIXLTD.
The company has an authorised share capital of ₹75 Cr and a paid-up capital of ₹71.53 Cr. It is led by directors including Rajesh Ramesh Kulkarni (Whole-Time Director) and Rashmi Sen (Whole-Time Director).
Its last annual general meeting (AGM) was held on 29 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at 462 Senapati Bapat Marg Lower Parel, Mumbai, Maharashtra, India – 400013.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹4,422.8 Cr, a growth of 16% compared to the previous year. For the same year it recorded a net profit of ₹1,161.81 Cr (net margin 26.3%) and EBITDA of ₹2,608.11 Cr (EBITDA margin 59%). The net worth stands at ₹10,989 Cr (up 5.2% YoY). Total assets are valued at ₹20,643 Cr (up 5.1% YoY).
The company has about 99 employees on its provident fund (EPFO) records. Its group structure includes 34 subsidiaries.
The company is associated with 1 brand: Phoenix Mills. As per MCA filings, the company has open charges of ₹1,806 Cr and satisfied charges of ₹5,112.1 Cr on record. Court records list 289 cases involving the company, including 153 filed by the company and 136 filed against it; 53 cases are pending. The company has 51 deals on record (47 market trades, 2 qips, 2 funding rounds), with disclosed funding of ₹1,297.72 Cr; the latest was in July 2025. Its 3 peer companies in the Business Services industry (Mall Management), with the same principal business activity (real estate activities with own or leased property) are compared by revenue, 3 smaller; the largest is Island Star Mall Developers Private Limited with revenue of ₹946.37 Cr. The company has 14 MSME Form 1 returns on record between 2019 and 2024, listing 89 overdue payments to 28 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website thephoenixmills.com.
Company details
CIN L17100MH1905PLC000200
Registration Number 000200
Incorporation Date 27 January 1905
ROC Mumbai
Listing Status Listed - Listed on NSE (PHOENIXLTD); Listed on BSE (503100)
Company Status Active
Date of Last AGM 29 September 2025
Date of Balance Sheet 31 March 2026
Compliance Status Active Compliant
Key People
Rajesh Ramesh Kulkarni Whole-Time Director Rashmi Sen Whole-Time Director Shishir Ashok Shrivastava Director Recognitions & Rankings of The Phoenix Mills
India's Richest People 2026 edition · 1 director · Source: Hurun India
- #97 Atul Ruia ₹33,400 Cr
Stock market indices
Nifty 500 BSE 500
Contact details
The Phoenix Mills Limited's registered office is in Mumbai, Maharashtra. Its website is thephoenixmills.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered Address462 Senapati Bapat Marg Lower Parel, Mumbai, Maharashtra, India – 400013
- IndustryBusiness Services, Mall & Retail Management
To see the full contact details of The Phoenix Mills Limited, buy the company report.
Comprehensive company report
The Phoenix Mills Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
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Secure checkout · GST invoice included
Brands
The Phoenix Mills operates one associated brand: Phoenix Mills. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Residential and commercial property development services are provided. | thephoenixmills.com |
Business activity
The main business activity of The Phoenix Mills is real estate. In detail, this covers real estate activities with own or leased property.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| L | Real Estate | L1 | Real estate activities with own or leased property |
To see the full business activity and turnover split of The Phoenix Mills Limited, buy the company report.
Financials of The Phoenix Mills Limited
FY 2025-26 filings availableThe Phoenix Mills Limited reported revenue of ₹4,422.8 Cr (up 16% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue
₹4,423 Cr
+16.0% YoY
EBITDA
₹2,608 Cr
+20.9% YoY
Profit After Tax
₹1,162 Cr
+32.0% YoY
Net Worth
₹10,989 Cr
+5.2% YoY
Total Assets
₹20,643 Cr
+5.1% YoY
Total Debt
₹5,323 Cr
+13.6% YoY
Revenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 4,423 | 3,814 | 3,978 | 2,638 | 1,483 | 1,045 | 1,941 |
| Revenue growth | +16.0% | -4.1% | +50.8% | +77.9% | +42.0% | -46.2% | - |
| EBITDA | 2,608 | 2,158 | 2,177 | 1,519 | 734 | 494 | 967 |
| EBITDA margin | +59.0% | +56.6% | +54.7% | +57.6% | +49.5% | +47.3% | +49.8% |
| Profit before tax | 2,032 | 1,595 | 1,643 | 1,671 | 328 | 29.23 | 478 |
| Net profit | 1,162 | 880 | 1,078 | 775 | 238 | 59.80 | 326 |
| Net profit margin | +26.3% | +23.1% | +27.1% | +29.4% | +16.0% | +5.7% | +16.8% |
| EPS (₹) | 34.22 | 27.53 | 61.51 | 74.74 | 13.30 | 3.24 | 21.81 |
| Balance sheet | |||||||
| Total assets | 20,643 | 19,636 | 17,518 | 15,672 | 13,130 | 10,373 | 9,509 |
| Net worth | 10,989 | 10,448 | 9,458 | 8,380 | 6,582 | 5,039 | 3,708 |
| Total debt | 5,323 | 4,687 | 4,639 | 4,259 | 3,982 | 4,063 | 4,308 |
| Cash & bank | 823 | 512 | 710 | 630 | 593 | 514 | 141 |
| Net working capital | 285 | 166 | 671 | 783 | 793 | 899 | 545 |
| Cash flow | |||||||
| Cash from operations | 2,426 | 2,084 | 2,161 | 1,356 | 781 | 432 | 739 |
| Cash from investing | (1,646) | (2,162) | (1,859) | (1,528) | (2,841) | (950) | (362) |
| Cash from financing | (731) | (47.27) | (299) | 132 | 2,228 | 522 | (287) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,075 | 1,233 | 1,121 | 1,115 | 953 | 1,016 | 975 | 918 |
| Revenue growth (YoY) | +12.8% | +21.3% | +15.0% | +21.5% | +5.4% | - | - | - |
| Other income | 40.21 | 61.16 | 47.28 | 30.79 | 31.52 | 45.15 | 46.38 | 37.10 |
| EBITDA | 642 | 746 | 631 | 667 | 564 | 557 | 553 | 518 |
| EBITDA margin | +59.7% | +60.5% | +56.3% | +59.8% | +59.2% | +54.8% | +56.7% | +56.4% |
| Depreciation | 95.51 | 89.35 | 86.28 | 91.23 | 93.45 | 90.23 | 81.27 | 77.53 |
| Interest | 93.84 | 97.41 | 102 | 91.94 | 95.15 | 94.12 | 103 | 103 |
| Profit before tax | 492 | 620 | 490 | 515 | 407 | 418 | 415 | 374 |
| Tax | 98.85 | 134 | 122 | 132 | 87.29 | 71.20 | 64.12 | 83.50 |
| Net profit | 394 | 486 | 368 | 383 | 320 | 347 | 351 | 291 |
| EPS (₹) | 8.30 | 11.28 | 7.71 | 8.50 | 6.73 | 7.52 | 7.40 | 8.17 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 544 | 486 | 466 | 477 | 284 | 238 | 444 |
| Revenue growth | +11.9% | +4.4% | -2.3% | +68.0% | +19.3% | -46.5% | - |
| EBITDA | 329 | 293 | 312 | 320 | 164 | 124 | 258 |
| EBITDA margin | +60.4% | +60.3% | +67.0% | +67.2% | +57.9% | +52.0% | +58.0% |
| Profit before tax | 327 | 369 | 321 | 336 | 394 | 316 | 178 |
| Net profit | 278 | 274 | 278 | 236 | 142 | 67.23 | 149 |
| Net profit margin | +51.2% | +56.4% | +59.7% | +49.6% | +50.0% | +28.3% | +33.4% |
| EPS (₹) | 7.57 | 9.43 | 15.68 | 16.26 | 20.72 | 16.99 | 9.62 |
| Balance sheet | |||||||
| Total assets | 6,235 | 6,149 | 5,846 | 5,597 | 5,517 | 4,955 | 3,785 |
| Net worth | 5,504 | 5,316 | 5,059 | 4,855 | 4,598 | 4,232 | 2,848 |
| Total debt | 655 | 749 | 720 | 654 | 867 | 682 | 846 |
| Cash & bank | 52.55 | 23.44 | 3.10 | 32.21 | 212 | 417 | 3.98 |
| Net working capital | 63.19 | 155 | 163 | 246 | 333 | 1,490 | 71.53 |
| Cash flow | |||||||
| Cash from operations | 418 | 320 | 229 | 295 | 378 | 110 | 254 |
| Cash from investing | (158) | (181) | (171) | (112) | (436) | (894) | (185) |
| Cash from financing | (249) | (57.95) | (146) | (304) | 127 | 862 | (72.47) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 147 | 135 | 146 | 137 | 126 | 125 | 127 | 116 |
| Revenue growth (YoY) | +17.5% | +8.5% | +14.3% | +18.8% | +6.2% | - | - | - |
| Other income | 6.20 | 7.14 | 27.11 | 95.44 | 5.63 | 21.65 | 14.04 | 105 |
| Total expenses | 47.01 | 47.74 | 73.05 | 50.66 | 43.95 | 62.14 | 46.27 | 43.34 |
| EBITDA | 100 | 87.71 | 72.58 | 86.67 | 81.58 | 62.72 | 81.19 | 72.24 |
| EBITDA margin | +68.1% | +64.8% | +49.8% | +63.1% | +65.0% | +50.2% | +63.7% | +62.5% |
| Depreciation | 20.36 | 15.22 | 16.67 | 16.23 | 22.29 | 15.85 | 11.98 | 8.68 |
| Interest | 13.58 | 13.76 | 19.34 | 16.19 | 17.08 | 19.23 | 18.63 | 18.11 |
| Profit before tax | 72.70 | 65.87 | 63.68 | 150 | 47.84 | 49.29 | 64.62 | 150 |
| Tax | 11.15 | 11.06 | 17.89 | 20.33 | 7.13 | (2.28) | 8.80 | 16.06 |
Financial Statements
Figures in ₹ Cr; negatives in brackets. Updated 28 Oct 2026
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,075 | 1,233 | 1,121 | 1,115 | 953 | 1,016 | 975 | 918 |
| Revenue growth (YoY) | +12.8% | +21.3% | +15.0% | +21.5% | +5.4% | - | - | - |
| Other income | 40.21 | 61.16 | 47.28 | 30.79 | 31.52 | 45.15 | 46.38 | 37.10 |
| EBITDA | 642 | 746 | 631 | 667 | 564 | 557 | 553 | 518 |
| EBITDA margin | +59.7% | +60.5% | +56.3% | +59.8% | +59.2% | +54.8% | +56.7% | +56.4% |
| Depreciation | 95.51 | 89.35 | 86.28 | 91.23 | 93.45 | 90.23 | 81.27 | 77.53 |
| Interest | 93.84 | 97.41 | 102 | 91.94 | 95.15 | 94.12 | 103 | 103 |
| Profit before tax | 492 | 620 | 490 | 515 | 407 | 418 | 415 | 374 |
| Tax | 98.85 | 134 | 122 | 132 | 87.29 | 71.20 | 64.12 | 83.50 |
| Net profit | 394 | 486 | 368 | 383 | 320 | 347 | 351 | 291 |
| EPS (₹) | 8.30 | 11.28 | 7.71 | 8.50 | 6.73 | 7.52 | 7.40 | 8.17 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 4,423 | 3,814 | 3,978 | 2,638 | 1,483 | 1,045 | 1,941 |
| Revenue growth | +16.0% | -4.1% | +50.8% | +77.9% | +42.0% | -46.2% | - |
| Other income | 171 | 167 | 132 | 722 | 74.44 | 92.29 | 66.27 |
| Total expenses | 1,815 | 1,656 | 1,801 | 1,119 | 749 | 551 | 974 |
| Employee cost | 404 | 363 | 299 | 232 | 157 | 113 | 166 |
| EBITDA | 2,608 | 2,158 | 2,177 | 1,519 | 734 | 494 | 967 |
| EBITDA margin | +59.0% | +56.6% | +54.7% | +57.6% | +49.5% | +47.3% | +49.8% |
| Depreciation | 360 | 327 | 270 | 228 | 186 | 209 | 208 |
| Interest | 387 | 403 | 396 | 341 | 295 | 348 | 348 |
| Profit before tax | 2,032 | 1,595 | 1,643 | 1,671 | 328 | 29.23 | 478 |
| Tax | 475 | 294 | 317 | 199 | 80.06 | (4.68) | 122 |
| Net profit | 1,162 | 880 | 1,078 | 775 | 238 | 59.80 | 326 |
| Net profit margin | +26.3% | +23.1% | +27.1% | +29.4% | +16.0% | +5.7% | +16.8% |
| EPS (₹) | 34.22 | 27.53 | 61.51 | 74.74 | 13.30 | 3.24 | 21.81 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 71.53 | 71.50 | 35.74 | 35.72 | 35.70 | 35.63 | 30.69 |
| Reserves & surplus | 10,917 | 10,377 | 9,422 | 8,344 | 6,547 | 5,003 | 3,678 |
| Shareholders' funds (net worth) | 10,989 | 10,448 | 9,458 | 8,380 | 6,582 | 5,039 | 3,708 |
| Minority interest | 3,316 | 3,405 | 2,930 | 2,696 | 2,429 | 1,101 | 1,279 |
| Secured loans | 4,919 | 4,218 | 4,218 | 3,867 | 3,570 | 3,649 | 3,852 |
| Unsecured loans | 404 | 469 | 421 | 392 | 412 | 414 | 456 |
| Total debt | 5,323 | 4,687 | 4,639 | 4,259 | 3,982 | 4,063 | 4,308 |
| Total liabilities | 20,643 | 19,636 | 17,518 | 15,672 | 13,130 | 10,373 | 9,509 |
| Assets | |||||||
| Gross block | 17,770 | 17,143 | 15,494 | 13,085 | 9,249 | 8,765 | 7,883 |
| Net block | 14,772 | 14,466 | 13,137 | 10,964 | 7,508 | 7,207 | 6,453 |
| Capital work in progress | 3,879 | 3,143 | 1,503 | 2,295 | 2,049 | 1,274 | 1,534 |
| Investments | 1,490 | 1,465 | 1,725 | 1,282 | 2,317 | 576 | 590 |
| Inventories | 776 | 774 | 782 | 1,212 | 750 | 768 | 816 |
| Sundry debtors | 317 | 230 | 270 | 238 | 280 | 324 | 202 |
| Cash & bank balances | 823 | 512 | 710 | 630 | 593 | 514 | 141 |
| Loans & advances | 198 | 195 | 302 | 332 | 371 | 310 | 422 |
| Total current assets | 2,114 | 1,711 | 2,063 | 2,413 | 1,994 | 1,916 | 1,580 |
| Total current liabilities | 1,829 | 1,545 | 1,392 | 1,629 | 1,200 | 1,017 | 1,036 |
| Net working capital | 285 | 166 | 671 | 783 | 793 | 899 | 545 |
| Total assets | 20,643 | 19,636 | 17,518 | 15,672 | 13,130 | 10,373 | 9,509 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | (27.09) | 98.74 | 96.16 | 136 | 133 | 129 | 39.58 |
| Net cash from operating activities | 2,426 | 2,084 | 2,161 | 1,356 | 781 | 432 | 739 |
| Net cash from investing activities | (1,646) | (2,162) | (1,859) | (1,528) | (2,841) | (950) | (362) |
| Net cash from financing activities | (731) | (47.27) | (299) | 132 | 2,228 | 522 | (287) |
| Net change in cash | 49.55 | (126) | 2.58 | (40.17) | 167 | 3.46 | 89.75 |
| Closing cash | 823 | 512 | 710 | 630 | 593 | 514 | 141 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +16.0% | -4.1% | +50.8% | +77.9% | +42.0% | -46.2% | - |
| EBITDA growth | +20.9% | -0.9% | +43.3% | +106.9% | +48.5% | -48.9% | - |
| PBT growth | +27.4% | -2.9% | -1.7% | +409.5% | +1022.3% | -93.9% | -16.4% |
| Net income growth | +32.0% | -18.4% | +39.1% | +226.1% | +297.6% | -81.6% | - |
| Revenue CAGR (3Y) | +18.8% | +37.0% | +56.1% | +10.8% | -9.2% | -13.6% | +2.1% |
| EBITDA CAGR (3Y) | +19.8% | +43.2% | +63.9% | +16.2% | -9.6% | -14.1% | +4.5% |
| Profitability & leverage | |||||||
| Net income margin | +35.2% | +34.1% | +33.3% | +55.8% | +16.7% | +3.2% | +18.3% |
| Return on capital employed | +14.4% | +13.0% | +14.8% | +11.6% | +6.2% | +4.2% | +10.2% |
| Return on net worth | +14.5% | +13.1% | +14.9% | +12.2% | +4.3% | +0.8% | +9.9% |
| Debt / equity | 0.47 | 0.47 | 0.50 | 0.55 | 0.69 | 0.96 | 1.19 |
| Long-term debt / equity | 0.40 | 0.39 | 0.40 | 0.43 | 0.53 | 0.74 | 0.95 |
| Interest cover | 17.21 | 22.02 | 20.76 | 26.42 | 53.75 | 122.13 | 45.82 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 0.25 | 0.23 | 0.28 | 0.24 | 0.16 | 0.13 | 0.25 |
| Inventory turnover | 5.71 | 4.90 | 3.99 | 2.69 | 1.95 | 1.32 | 2.26 |
| Debtors turnover | 16.17 | 15.25 | 15.65 | 10.18 | 4.91 | 3.98 | 9.77 |
| EPS (₹) | 34.22 | 27.53 | 61.51 | 74.74 | 13.30 | 3.24 | 21.81 |
| Dividend per share (₹) | 2.50 | 2.50 | 5.00 | 5.00 | 2.40 | 1.00 | 0.00 |
| Book value per share (₹) | 307.25 | 292.24 | 529.26 | 469.17 | 368.73 | 282.85 | 241.65 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 147 | 135 | 146 | 137 | 126 | 125 | 127 | 116 |
| Revenue growth (YoY) | +17.5% | +8.5% | +14.3% | +18.8% | +6.2% | - | - | - |
| Other income | 6.20 | 7.14 | 27.11 | 95.44 | 5.63 | 21.65 | 14.04 | 105 |
| Total expenses | 47.01 | 47.74 | 73.05 | 50.66 | 43.95 | 62.14 | 46.27 | 43.34 |
| EBITDA | 100 | 87.71 | 72.58 | 86.67 | 81.58 | 62.72 | 81.19 | 72.24 |
| EBITDA margin | +68.1% | +64.8% | +49.8% | +63.1% | +65.0% | +50.2% | +63.7% | +62.5% |
| Depreciation | 20.36 | 15.22 | 16.67 | 16.23 | 22.29 | 15.85 | 11.98 | 8.68 |
| Interest | 13.58 | 13.76 | 19.34 | 16.19 | 17.08 | 19.23 | 18.63 | 18.11 |
| Profit before tax | 72.70 | 65.87 | 63.68 | 150 | 47.84 | 49.29 | 64.62 | 150 |
| Tax | 11.15 | 11.06 | 17.89 | 20.33 | 7.13 | (2.28) | 8.80 | 16.06 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 544 | 486 | 466 | 477 | 284 | 238 | 444 |
| Revenue growth | +11.9% | +4.4% | -2.3% | +68.0% | +19.3% | -46.5% | - |
| Other income | 135 | 194 | 109 | 112 | 323 | 298 | 42.48 |
| Total expenses | 215 | 193 | 154 | 156 | 119 | 114 | 186 |
| Employee cost | 39.39 | 37.70 | 36.06 | 32.52 | 21.19 | 12.68 | 23.38 |
| EBITDA | 329 | 293 | 312 | 320 | 164 | 124 | 258 |
| EBITDA margin | +60.4% | +60.3% | +67.0% | +67.2% | +57.9% | +52.0% | +58.0% |
| Depreciation | 70.41 | 44.63 | 34.76 | 30.65 | 28.66 | 42.38 | 46.31 |
| Interest | 66.37 | 72.74 | 64.59 | 65.82 | 63.63 | 62.64 | 75.81 |
| Profit before tax | 327 | 369 | 321 | 336 | 394 | 316 | 178 |
| Tax | 56.41 | 32.11 | 41.01 | 45.83 | 24.59 | 24.00 | 30.74 |
| Net profit | 278 | 274 | 278 | 236 | 142 | 67.23 | 149 |
| Net profit margin | +51.2% | +56.4% | +59.7% | +49.6% | +50.0% | +28.3% | +33.4% |
| EPS (₹) | 7.57 | 9.43 | 15.68 | 16.26 | 20.72 | 16.99 | 9.62 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 71.53 | 71.50 | 35.74 | 35.72 | 35.70 | 34.37 | 30.69 |
| Reserves & surplus | 5,432 | 5,245 | 5,023 | 4,818 | 4,563 | 4,198 | 2,817 |
| Shareholders' funds (net worth) | 5,504 | 5,316 | 5,059 | 4,855 | 4,598 | 4,232 | 2,848 |
| Secured loans | 646 | 749 | 659 | 518 | 732 | 682 | 800 |
| Unsecured loans | 8.43 | 0.00 | 61.30 | 136 | 136 | 0.00 | 46.13 |
| Total debt | 655 | 749 | 720 | 654 | 867 | 682 | 846 |
| Total liabilities | - | - | 5,846 | 5,597 | 5,517 | 4,955 | 3,785 |
| Assets | |||||||
| Gross block | 1,396 | 1,330 | 897 | 891 | 838 | 755 | 1,061 |
| Net block | 856 | 842 | 454 | 476 | 452 | 397 | 676 |
| Capital work in progress | 850 | 617 | 371 | 198 | 94.61 | 10.90 | 115 |
| Investments | 4,402 | 4,352 | 4,683 | 4,548 | 4,473 | 2,890 | 2,710 |
| Inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Sundry debtors | 27.08 | 22.88 | 23.47 | 33.16 | 41.66 | 42.99 | 19.97 |
| Cash & bank balances | 52.55 | 23.44 | 3.10 | 32.21 | 212 | 417 | 3.98 |
| Loans & advances | 228 | 302 | 326 | 368 | 273 | 1,233 | 212 |
| Total current assets | 307 | 348 | 352 | 434 | 527 | 1,693 | 236 |
| Total current liabilities | 244 | 193 | 190 | 187 | 194 | 203 | 164 |
| Net working capital | 63.19 | 155 | 163 | 246 | 333 | 1,490 | 71.53 |
| Total assets | 6,235 | 6,149 | 5,846 | 5,597 | 5,517 | 4,955 | 3,785 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 22.77 | (59.00) | 29.37 | 150 | 81.87 | 3.85 | 7.17 |
| Net cash from operating activities | 418 | 320 | 229 | 295 | 378 | 110 | 254 |
| Net cash from investing activities | (158) | (181) | (171) | (112) | (436) | (894) | (185) |
| Net cash from financing activities | (249) | (57.95) | (146) | (304) | 127 | 862 | (72.47) |
| Net change in cash | 10.49 | 81.77 | (88.37) | (121) | 68.43 | 78.02 | (3.34) |
| Closing cash | 52.55 | 23.44 | 3.10 | 32.21 | 212 | 417 | 3.98 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +11.9% | +4.4% | -2.3% | +68.0% | +19.3% | -46.5% | - |
| EBITDA growth | +12.1% | -6.0% | -2.7% | +95.1% | +33.0% | -52.1% | - |
| PBT growth | -11.5% | +15.0% | -4.5% | -14.8% | +24.8% | +77.3% | -14.8% |
| Net income growth | +1.5% | -1.4% | +17.7% | +66.7% | +110.8% | -54.8% | - |
| Revenue CAGR (3Y) | +4.5% | +19.7% | +25.1% | +2.4% | -13.6% | -15.7% | +5.7% |
| EBITDA CAGR (3Y) | +0.8% | +21.3% | +36.2% | +7.5% | -15.1% | -21.2% | +5.6% |
| Profitability & leverage | |||||||
| Net income margin | +49.8% | +69.4% | +60.2% | +61.0% | +130.4% | +122.9% | +33.2% |
| Return on capital employed | +6.4% | +6.4% | +6.7% | +6.1% | +4.1% | +3.1% | +6.9% |
| Return on net worth | +5.0% | +5.3% | +5.7% | +5.0% | +3.2% | +1.9% | +5.3% |
| Debt / equity | 0.13 | 0.14 | 0.14 | 0.16 | 0.18 | 0.22 | 0.29 |
| Long-term debt / equity | 0.12 | 0.13 | 0.11 | 0.10 | 0.11 | 0.15 | 0.22 |
| Interest cover | 25.71 | 29.27 | 23.31 | 22.72 | 46.94 | 77.22 | 35.82 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 0.40 | 0.44 | 0.52 | 0.55 | 0.36 | 0.26 | 0.44 |
| Inventory turnover | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debtors turnover | 21.78 | 20.98 | 16.45 | 12.74 | 6.70 | 7.55 | 21.18 |
| EPS (₹) | 7.57 | 9.43 | 15.68 | 16.26 | 20.72 | 16.99 | 9.62 |
| Dividend per share (₹) | 2.50 | 2.50 | 5.00 | 5.00 | 2.40 | 1.00 | 0.00 |
| Book value per share (₹) | 153.90 | 148.70 | 283.11 | 271.78 | 257.58 | 246.25 | 185.59 |
To see the full year-wise statements and ratios of The Phoenix Mills Limited, buy the company report.
Board of directors of The Phoenix Mills Limited
The Phoenix Mills has 8 current directors and 31 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Shishir Ashok Shrivastava Also directs: Jasper Bridge Ventures LLP | Director | 28 Sep 2010 | 16 Years 1 Months | Current |
| Rajesh Ramesh Kulkarni | Whole-Time Director | 27 May 2021 | 5 Years 5 Months | Current |
| Atul Ashokkumar Ruia Also directs: Padmashil Hospitality and Leisure Private Limited, Ashok Atul Private Limited, R R Hosiery Private Limited and 5 more | Director | 19 Nov 1996 | 29 Years 11 Months | Current |
| Sumanta Datta | Director | 08 Nov 2023 | 2 Years 11 Months | Current |
| Archana Niranjan Hingorani Also directs: Siana Capital Management LLP, Raiin Resources LLP, Mafatlal Industries Limited and 5 more | Director | 08 Aug 2023 | 3 Years 2 Months | Current |
| Sumeet Anand Also directs: Indwest Advisors LLP, Island Star Mall Developers Private Limited, Palladium Constructions Private Limited and 5 more | Director | 08 Aug 2023 | 3 Years 2 Months | Current |
Showing 6 of 8 current directors. View all directors
Peer comparison
The Phoenix Mills Limited is compared with the 3 companies closest to it by revenue in the Business Services industry (Mall Management), with the same principal business activity (real estate activities with own or leased property), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| The Phoenix Mills Limitedthis company | ₹4,422.8 Cr (FY 2026) | ₹1,161.81 Cr | 26.3% | 16.0% | 99 | Mumbai, Maharashtra, India |
| Island Star Mall Developers Private Limited | ₹946.37 Cr (FY 2025) | 47.0% | Mumbai, Maharashtra, India | |||
| Rostrum Realty Private Limited | ₹748.81 Cr (FY 2025) | 16.0% | Mini Sectt, Haryana, India | |||
| Inorbit Malls (India) Private Limited | ₹740.44 Cr (FY 2025) | 16.0% | Mumbai, Maharashtra, India |
To see the full peer comparison of The Phoenix Mills Limited, buy the company report.
Auditor
The Phoenix Mills Limited is audited by D T S & Associates LLP for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| D T S & Associates LLP | FY 2023 | 142412W/W100595 |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 47.20%, foreign institutional investors hold 31.70%, domestic institutional investors hold 17.40% and retail and other public shareholders hold 3.70%.
Sep 2026
QUARTER
47.20% Promoters
17.40% DII (Domestic Institutional)
31.70% FII (Foreign Institutional)
3.70% Retail & Others
Promoter holding - history
Now 47.20% · Sep 2026High 47.20% · Dec 2025Low 47.20% · Dec 2025
Shareholding trend - last 6 quarters
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 47.20% | 47.20% | 47.20% | 47.20% |
| Public | 52.80% | 52.80% | 52.80% | 52.80% |
Charges & borrowings
Open charges
₹1,806 Cr
Satisfied charges
₹5,112.1 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 02 Mar 2026 | 101256661 | Idbi Trusteeship Services Limited | ₹1,100 Cr | Open | |
| 28 Nov 2025 | 101202605 | The Hongkong and Shanghai Banking Corporation Limited | ₹26 Cr | Open | |
| 20 Jun 2016 | 100034927 | Idbi Trusteeship Services Limited | ₹680 Cr | Open | |
| 21 Apr 2022 | 100564922 | Idbi Trusteeship Services Limited | ₹830 Cr | Satisfied | |
| 08 Apr 2022 | 100567112 | Idbi Trusteeship Services Limited | ₹70 Cr | Satisfied |
To see the full charge records of The Phoenix Mills Limited, buy the company report.
Total charge records: 35 View all charges
Deals & funding
The Phoenix Mills Limited has 51 deals on record (47 market trades, 2 qips, 2 funding rounds), with disclosed funding of ₹1,297.72 Cr; the latest was in July 2025.
Total deals
51
Market trades
47
QIPs
2
Funding rounds
2
Disclosed funding
₹1,297.72 Cr
Deals on record (5 of 51)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Aug 2020 | Market trade | ₹833.19 Cr | Buyer: Bg Co Ac Rbos Plc As Dep Of Bgpf Sub Fd Of Bg Ogf Seller: Radhakrishna Ramnarain Private Limited , Senior Advisory Services Private Limited |
| Apr 2007 | Market trade | ₹233.84 Cr | Buyer: Ashok Atul Private Limited , an individual Seller: B R International, 2 individuals |
| Apr 2007 | Market trade | ₹228.65 Cr | Buyer: Ashok Atul Private Limited , an individual Seller: B R International, 2 individuals |
| Apr 2007 | Market trade | ₹23.25 Cr | Buyer: Smit Capital Services Private Limited Seller: an individual |
| Jan 2007 | Market trade | ₹185.83 Cr | Buyer: Ashok Atul Private Limited Seller: 4 individuals |
To see the full deal history of The Phoenix Mills Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
The Phoenix Mills Limited has 289 court cases on record: 153 filed by The Phoenix Mills, 136 filed against it. 53 cases are pending and 236 are disposed.
Total cases
289
Filed by the company
153
Filed against the company
136
Pending
53
Disposed
236
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 158 | 57 | 33 |
| District courts | 120 | 71 | 16 |
| Supreme Court | 9 | 7 | 4 |
| NCLT | 2 | 1 | 0 |
Cases on record (5 of 289)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Supreme Court | Court case (2301-Housing and Building-Municipal Laws-Housing and building permits, slums rehabilitation, demolition, encroachment/ removal of encroachment, sealing and urban planning : Housing and Building- matters relating to Municipal Laws, housing and building permits, slums rehabilitation, demolition, encroachment/ removal of encroachment, sealing and urban planning (other than RERA)) | Filed against the company by individuals | Disposed |
| District court, Mumbai Small Causes Court, Maharashtra | Court case (MARJI) | Filed against the company by Inditrade Microfinance Limited | Pending |
| District court, Mumbai Small Causes Court, Maharashtra | Court case (R.Appeal) | Filed against the company by Sohanlal Export Fabrics Pvt Ltd. Through Rajkumar Ramsajivan Pandey | Pending |
| District court, Mumbai Small Causes Court, Maharashtra | Court case (LD) | Filed against the company by Inditrade Microfinance Limited Auhority Person Jhuma Guha Through Its Director | Pending |
| District court, Mumbai CMM Courts, Maharashtra | Court case (Summary Cases) | Filed by the company against Inditrade Microfinance Limited and 8 Ors | Pending |
To see the full case history of The Phoenix Mills Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
The Phoenix Mills Limited was last rated by Indiarating on 15 Sep 2022.
| Rating agency | Rated on | Rating |
|---|---|---|
| Indiarating | 15 Sep 2022 |
To see the full credit ratings and regulatory alerts of The Phoenix Mills Limited, buy the company report.
MSME payment delays
The Phoenix Mills Limited has 14 MSME Form 1 returns on record between 2019 and 2024, listing 89 overdue payments to 28 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 28)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Secure Parking Solutions Private Limited | |||
| an individual supplier | |||
| an individual supplier | |||
| an individual supplier | |||
| A Moosa & Son |
To see the full MSME payment records of The Phoenix Mills Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
The Phoenix Mills has 34 subsidiary companies and 5 associated companies. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
34
Subsidiary companies
5
Associated companies
Key subsidiaries
| Company Name | CIN | Shares held |
|---|---|---|
| Big Apple Real Estate Private Limited | U17125UP2007PTC083025 | |
| Island Star Mall Developers Private Limited | U45200MH2006PTC161067 | |
| Vamona Developers Private Limited | U45201MH2006PTC165253 | |
| Upal Developers Private Limited | U45201MH2006PTC292993 | |
| Sangam Infrabuild Corporation Private Limited | U45201UP2006PTC031651 | |
| Mugwort Land Holdings Private Limited | U45202MH2007PTC169133 |
To see the full group structure of The Phoenix Mills Limited, buy the company report.
Employees & EPFO
The Phoenix Mills Limited has a workforce of 99 employees on its EPFO records as of Apr 08, 2024, across 1 active EPFO establishment.
Employee count
99
Active EPFO establishments
1
Employee growth
1.02%
GST
The Phoenix Mills has 1 GST registration: 1 active.
Total GSTINs
1
Active
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAACP3325J1ZI | Maharashtra | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of The Phoenix Mills Limited, buy the company report.
Recent activity
The Phoenix Mills Limited has 57 board changes on record since 1968: 33 appointments and 24 cessations. The latest: Shweta Pradeep Vyas ceased to be Director on 13 Oct 2024.
Charges
A charge registered on 22 Mar 2016 via Charge ID 100037732 with Idbi Trusteeship Services Limited was fully satisfied on 05 Jun 2026.
Filing
The Phoenix Mills Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Mumbai I.
Charges
A charge with Idbi Trusteeship Services Limited amounted to Rs. 1,100.00 Cr with Charge ID 101256661 was registered on 02 Mar 2026.
Charges
A charge registered on 21 Apr 2022 via Charge ID 100564922 with Idbi Trusteeship Services Limited was fully satisfied on 30 Jan 2026.
Charges
A charge registered on 22 Mar 2018 via Charge ID 100165421 with Idbi Trusteeship Services Limited was fully satisfied on 30 Jan 2026.
Charges
A charge registered on 30 Nov 2021 via Charge ID 100510034 with The Hongkong And Shanghai Banking Corporation Limited was fully satisfied on 22 Jan 2026.
Charges
A charge with The Hongkong And Shanghai Banking Corporation Limited amounted to Rs. 26.00 Cr with Charge ID 101202605 was registered on 28 Nov 2025.
AGM
The Phoenix Mills Limited last Annual general meeting of members was held on 29 Sep 2025 as per latest MCA records.
Ceased
Shweta Pradeep Vyas ceased to be Director.
Ceased
Gajendra Mewara ceased to be Company Secretary.
Appointed
Kailash Babu Gupta was appointed as CFO.
Charges
A charge registered on 08 Apr 2022 via Charge ID 100567112 with Idbi Trusteeship Services Limited was fully satisfied on 24 May 2024.
124 earlier events are in the company report.
News
The Phoenix Mills: Company Will End Separate Quarterly Operational Updates Starting Q2 FY27, Will Combine With Financial Results.
Phoenix Mills: BoFA Sec on Phoenix Mills Initiates Buy with Target Price of ₹2,300 as occupancy uptick, mark-to-market gains and new malls/offices could drive 20% EBITDA CAGR over FY26-29E, supported by a strong balance sheet and long runway for retail capacity expansion and land acquisitions.
From our blog
Frequently asked questions
The Phoenix Mills is an active public limited company based in Mumbai, Maharashtra, India. The company works in mall and retail management, within the business services industry. It was incorporated on 27 January 1905 (121+ years old) and is registered under CIN L17100MH1905PLC000200. Listed on BSE: 503100 and NSE: PHOENIXLTD.
The Phoenix Mills reported revenue of ₹4,422.8 Cr for FY 2025-26 (up 16% YoY) based on consolidated financials.
The Phoenix Mills has 8 current directors:
- Rajesh Ramesh Kulkarni - Whole-Time Director
- Rashmi Sen - Whole-Time Director
- Shishir Ashok Shrivastava - Director
- Atul Ashokkumar Ruia - Director
- Sumanta Datta - Director
- Archana Niranjan Hingorani - Director
- Sumeet Anand - Director
- Anand Mahendra Khatau - Director
The latest financial statements of The Phoenix Mills on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 29 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of The Phoenix Mills is 27AAACP3325J1ZI, registered in Maharashtra.
The CIN (Corporate Identification Number) of The Phoenix Mills is L17100MH1905PLC000200. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. The Phoenix Mills is a listed company as per MCA records. Its shares are listed on both BSE (code: 503100) and NSE (symbol: PHOENIXLTD).
The Phoenix Mills has 289 court cases on record: 153 filed by the company and 136 filed against it. 53 are pending. Most are in the high courts.
The Phoenix Mills was incorporated on 27 January 1905, making it 121+ years old. It is registered with the Registrar of Companies, Mumbai.
The Phoenix Mills has 51 deals on record (47 market trades, 2 qips, 2 funding rounds), with disclosed funding of ₹1,297.72 Cr; the latest was in July 2025.
The peers of The Phoenix Mills by revenue are Island Star Mall Developers Private Limited, Rostrum Realty Private Limited, Inorbit Malls (India) Private Limited, all in the Business Services industry (Mall Management), with the same principal business activity (real estate activities with own or leased property).
Shweta Pradeep Vyas ceased to be Director on 13 Oct 2024. Gajendra Mewara ceased to be Company Secretary on 13 Sep 2024. Kailash Babu Gupta was appointed as CFO on 10 Jun 2024. The Phoenix Mills has 57 board changes on record in total.